Not to mention all the potential issues that could surface along the way.

At least on a surface level, and as long as it can be treated as a capital expenditure.

Do some surface renovations and bring up to the new market rents. 

These same things exist in my area, and you'll have something like:house for 100k renting for $1khouse converted to triplex for $100k renting for $1500Now on the surface you'd say the triplex is a home run. 

@Danny Mak if home is pre-1978, I believe you'd need a lead-certified contractor to complete the work if you're disturbing enough surface area, sanding walls, replacing Window, etc., But your agent likely would have told you that.

However, you'll want to repair/fill your cracks before you put down flooring so that 1) your flooring is laid on a nice flat surface and 2) moisture doesn't penetrate from the ground to your finish flooring. 

My experience with removing drywall usually requires a skim coat of drywall compound to give a good surface to paint.

I dont know your area, but on the surface it looks like a good deal.

If for instance the surface already had some kind of coating, the customer is not going to know much about compatibility.

Given the slow anticipated rate of bookings the weeks/month ahead we’re actually just skipping the guesswork and instituting a minimum 2-3 day delay on cleanings after a guests checks out, since the prevailing wisdom seems to indicate that COVID-19’s “shelf life” on most surfaces is somewhere between several hours to 3 days.